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Be alert Asia – top tips for employers: cyber risks and fraud

Cyber risk is becoming a growing concern amongst businesses and institutions. Data breaches and hacking have been problematic among some sectors, predominantly financial services, for some time. These risks are now often talked about under the broader heading of ‘cyber risk’ and this issue is listed as one of the top business risks in 2015. Companies in Asia are generally considered less prepared for the increasing number of cybercrimes than counterparts in other regions like the USA.

When a security breach involves the loss or leakage of personal data, this also becomes a significant data protection and regulatory issue and can lead to fines, legal or regulatory sanction and reputational damage. This is particularly in a market environment where individuals (be they customers or employees) are becoming increasingly aware of their privacy rights and identity theft issues. With the arrival of Internet of Things, the importance of data security will become even more prominent. The consequences of not protecting your business sufficiently from cybercrimes can be huge.

Despite the challenges faced by many companies, some of these risks can be identified and avoided at an early stage. Whilst most companies are aware of the firewalls and technology they need in place to protect themselves, many are unaware of other ‘soft spots’ that may also be contributing to the risks in a major way.

‘Soft spots’ include employees who unintentionally open ‘phishing’ or spam emails, disgruntled or former employees who deliberately take confidential information and other issues that come with Bring Your Own Device (BYOD).

There are ways to deal with these ‘soft spots’, including improved governance and compliance and training for employees and tighter security solutions. However, a topdown approach is needed and senior management, including board members, need to make cybersecurity a priority.

Top tips in dealing with cyber risks from an employment perspective include:

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